From the above article titled 'For China's struggling economy, 2016 may be worse than 2015' (Author: Andy Xie, Source: South China Morning Post December 20, 2015), answer the following questions. (a) Briefly summarise the main issues discussed in this article? [Not exceeding 200 words] – (20 Marks) (b) Using Demand and Supply model of exchange rate determination briefly explain how Chinese Yuan is determined in the forex market, and what factors influence its fluctuations. – (20 Marks) (c) Using historical exchange rate data from World Development Indicators and graphs (monthly data of last three years) analyse the movement of Chinese Yuan relative to that of the US dollar? Are there any factors contributing to this behaviour of the Chinese Yuan? – (30 Marks) (d) Andy Xie (2015) says that 'China's current economic difficulties are entirely due to the inefficient governing system. If the right reforms are instituted, the economy will boom for the next decade. If no reforms are carried out, stagnation, instability and crises await us'. Elaborate the following issues in the statement in detail in the context of China 'inefficient governing system' and 'right reforms'? (15 Marks) Do you agree with the statement? (15 Marks) Word Limit: 1500 words maximum. Word count (excluding references) must be provided. Excess words will not be marked